Doctor sells Collins Street shop with a leaseback

Smile Solutions founder Kianoush Pajouhesh has sold a Collins Street retail asset with a leaseback.

Shop three, which occupies a prominent location within the historic Manchester Uniting Building near Swanston St, spreads 56 square metres according to the agents (it is 65sqm on CityScope).

The vendor offered starting annual net rent of $300,000.

The undisclosed price would be more than $6.5 million if it has traded at a sub 4.6 per cent yield.

CBRE’s Alex Brierley, Nathan Mufale, Jin Jun (JJ) Heng and Jimmy Tat represented Mr Pajouhesh, who paid $5.8m in 2013 and owns multiple units within the building.

Shop three is trading to an offshore investor, the brokers said.

Last week a prominent vacant Circular Quay, Sydney, strata shop sold for $5m valuing every square metre of area at $113,500.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco